The KSE 100 Index succumbed to pressure due to political qualms as bourse slipped down by 708 points to finally close at 43,295, down 278 points.

Early declines were led by Oil and Gas Development Company (OGDC) losing 0.2 percent as the stock, not being able to meet market expectations of a bigger payout, saw profit-taking reportedly from local institutions; stock churned volumes of over 4 million shares, most in the last four weeks.

Amreli Steels (ASTL) gaining 2 percent came on investors’ radar after the company notified exchange of plan to modernise its existing rolling mill for an estimated cost of Rs 2 billion that will increase the capacity from 180,000 to 275,000 MTPA, taking total re-rolling capacity to 700,000 MTPA.

Ali Raza of Elixir Securities expects market to remain volatile and dull until there is some clarification on the verdict due by the Financial Action Task Force (FATF).

On the political front, Pakistan has sent Adviser to Prime Minister on Finance Dr Miftah Ismail to plead the country’s case at the ongoing session of the FATF that is taking up a US-sponsored resolution to put Islamabad on a list of countries that financially aid terrorism.

EPCL (+1.52%) in the chemicals closed positive as the directorate general customs valuation (DGCV) has revised the customs values of UPVC, CPVC, PPRC pipes and pipe fittings under section 25 (9) of the Customs Act, 1969.

In the E&P sector, PPL (+0.14%) and POL (+0.34%) closed positive as the international oil prices edged up.

JS Research’s analysts expect the market to remain volatile and dull with flows from the local institutions and foreigners directing the market.